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Its not the medal itself that is taxed, it is the prize money that comes with it. Not 100% sure on the amounts, but something like $25,000 to winner, $15k to silver and 10k to bronze. Taxed as ordinary income.

We don't get less brave; we get a bigger sense of self-preservation........

EACH medal winner gets the $$, so if its a team gold, each team member gets $25k. The money comes from the US Olympic Committee, which is a non-profit organization, and gets its funding through individual and corporate donations/sponsorships.

We don't get less brave; we get a bigger sense of self-preservation........

We regularly got taxed for the crystal chachkees we got from my previous employer as awards/gifts. Congrats on a stellar quarter. Here's your crystal trophy. You're being taxed for the $200 that thing cost us!